Gammon India Ltd to issues shares worth Rs. 245 crores under SDR

The Board of Directors of Gammon India Ltd at its adjourned meeting held on December 18, 2015, has taken note of 'Notice of Conversion of Debt' into equity shares of the Company, issued by ICICI Bank as the Monitoring Institution on behalf of the CDR Lenders under the Strategic Debt Restructuring Package. As per the notice, twelve (12) lenders have decided to convert part of their outstanding debt and interest amounting to Rs. 245 crores into equity shares of the Company at a price of Rs. 11.89 per equity share (face value of Rs. 2/- each), thus acquiring 60.10% of the equity capital of the Company.

Shares of GAMMON INDIA LTD. was last trading in BSE at Rs.15.35 as compared to the previous close of Rs. 15.1. The total number of shares traded during the day was 43770 in over 158 trades.

The stock hit an intraday high of Rs. 15.5 and intraday low of 15. The net turnover during the day was Rs. 671143.

Source : Equity Bulls

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